Raising "Frankenkids"

The term Frankenkids refer to children of parents who are financially-rich and time-poor. Kids of such parents are over-indulged, demanding and spoilt. Parents who are not physically there replace their presence with goodies and toys.
I'd like to think that I raise my son to be a good person. Isaac is now coming to 3 and he really is a good boy. I reprimand him when he needs to be reprimanded. I do not take whining or crying for no reason. I stop him on the spot if I sense any whining starting. After several times, he knows when to stop. I talk to him like an adult and he is immediately sent to the corner to reflect on his wrongdoings. Occasionally he is rescued by his grandparents. It is very frustrating for me as he needs to know that such behaviour is NOT to be tolerated. I have sent my dad to the corner with Isaac when he tried to rescue his grandson. I know....how bad of me, BUT it's my kid and how he turns out reflects on the parents and I plan to raise him well.
Hubby and I do not spoil Isaac with presents. My son knows that. He goes to the toy shop,plays with the toy, after which he bids the toy goodbye. We only buy toys for him on special occasions.
I feel guilty as hell when I see other parents indulging in their kids and Isaac sees it too.
I assure myself that I am doing the right thing when I see how these kids turn out-spoilt rotten.
I sometimes think, what if this is the norm these days? What if it is the norm to spoil the kids? What about the kids who are not indulged? Will they feel resentful towards their parents and hate them? Will they feel that they are being deprived? What if by being deprived, they end up with low self esteem?...
As much as I'd like to take the easy way out and spoil my son but i know that I will not be able to live with myself if I see even an ounce of over-indulgence in him. For now, Hubby and I are going to raise our kids the old-fashion way with time, love and patience. At the same time, pray that such upbringing will never go out of style.